Lease Customers Enjoying Lower Prices & Less Time On The Road
Each month, we bring you the highlights of what we’ve seen in the car leasing market in Moneyshake’s leasing roundup.
- Most popular car was the Volkswagen Golf with 7% of all leasing enquiries
- Electric vehicle enquiries were 14% (a slight increase of 1% vs last year)
- Average annual mileage was also down – 8,717 miles (down 3%)
- Car leasing got cheaper – the average monthly payment was down 12% to £294
Volkswagen Golf Was The Most Popular Vehicle To Lease
Electric Vehicle Leasing Was Relatively Static, Hybrid Leasing Down
Last month, we saw electric leasing enquiries drop 2% year-on-year. October saw a slight increase but it will do little convince the market that the decline in popularity of electric vehicles is slowing down.
The popularity of EVs started to decline when the government scrapped the grant for electric cars in June 2022 and October 2022 was down considerably compared to previous months. So this year’s enquiries being up slightly isn’t much of a surprise.
Average Mileage Is Down For The Second Month Running
Last month, we reported that annual mileage had decreased 8% vs the previous year. October saw the same trend, with annual mileage down 3% compared to last year. In October, the average mileage for leasing enquiries on Moneyshake.com was just 8,717 miles. The most popular profile selected is still 5,000 miles per year.
Despite reports that UK workers are being forced to return to the office, we’re still not seeing that come through in the data. In fact, the return to pre-pandemic average mileage looks further away than ever.
Leasing Payments Buck Inflation Trend And Drop By 12%
Latest inflation figures from the ONS say that UK inflation in September was still 6.3%. However, leasing appears to be largely protected from that as average monthly payments dropped by 12% year-on-year in October to £294.
Leasing payments are less susceptible to inflation than other types of finance which depend more on the total retail cost of the vehicle. A strong second-hand market is also helping to keep leasing prices in check.
Looking for a car lease deal? Search our special offers for the latest top deals.